GBPUSD Daily Forecast Jan 17 2020

GBPUSD: Continues Recovery Ahead Of U.K Retail Sales Data...As long as 1.2983/1.3030 support holds on a daily closing basis. The GBPUSD remains in a recovery mode...continue reading below...

Pound - dollar -659856565

GBPUSD: Continues Recovery Ahead Of U.K Retail Sales Data…

As long as 1.2983/1.3030 support holds on a daily closing basis. The GBPUSD remains in a recovery mode and further upside couldn’t be ruled out. Resistance comes at the 1.3083 level. A halt is likely, it may test 1.3030 before attempts to break higher. Anyway; Above 1.3083 aims the 1.3135 levels, further upside, resistance comes at the 1.3217 levels.

On the downside, support comes at the 1.3030 level ahead of the 1.2983 level (main). Below 1.2983 – daily basis – will terminate the recovery mode and restore the downside momentum, paving the way to 1.2930 level. The next support comes in the 1.2860 level.

In conclusion: The GBPUSD faces recovery threats above 1.2983/1.3030 levels with caution…

Support: 1.3030, 1.2983, 1.2930, 1.2860

Resistance: 1.3083, 1.3135, 1.3217, 1.3272

Key data/events which may affect GBP USD today:
  • U.K Retail Sales (MoM) (Dec) at 09:30 GMT. * The forecast is to rise by 0.5% from -0.6% a month earlier. Any reading above 0.5% will increase the risk for 1.3135 levels. Below 0.5% buy on dips near support levels…
  • U.S Building Permits (Dec) at 13:30 GMT.
  • FOMC Member Harker Speaks at 14:00 GMT.
  • U.S JOLTs Job Openings (Nov) at 15:00 GMT.
  • FOMC Member Quarles Speaks at 17:45 GMT.

GBPUSD Daily Forecast Jan 17 2020

MARKET DATA

UPCOMING ECONOMIC EVENTS